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At UN, Wen and Obama stress commonalities
Source: Agencies |
September 24, 2010, Friday
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Print Edition
Print Edition
US President Barack Obama said yesterday that US-China cooperation has helped ease global financial turmoil as both he and Chinese Premier Wen Jiabao steered clear of a spat over China's currency policy.
Obama, standing by Wen on the sidelines of the United Nations General Assembly meeting in New York City, said that cooperation between the US and China "has been absolutely critical" to easing the financial crisis. He praised Chinese leaders for working with the US on economic, nuclear nonproliferation and Asian security issues.
But, Obama said, "obviously, we continue to have more work to do on the economic front."
"It is going to be very important for us to have frank discussions and continue to do more work cooperatively in order to achieve the kind of balance of sustained economic growth that is so important," he said.
Despite intertwined economies and a growing dependence on each other in global diplomatic, environmental and security matters, Washington and Beijing have deep differences, especially on economic and trade policies. Trade friction has become even more pronounced ahead of US congressional elections in November and at a time of high American unemployment.
In their public comments, Obama and Wen focused on the positive.
"Our common interests far outweigh our differences," Wen said.
Obama said US-China cooperation is "a critical ingredient in a whole range of security issues around the world."
He said the countries should work cooperatively toward balanced economic growth amid rising tensions over currency and trade.
Their talks came as US lawmakers appeared to move closer than ever to acting on long-standing threats to penalize China for keeping its currency "artificially low."
Wen told Obama he believed all differences between the US and China can be resolved through conversation and dialogue and that he has a constructive attitude.
Wen said the China-US relationship has advanced beyond the bilateral scope and has a major impact on the world.
He said the two countries can deepen their cooperation on significant international affairs and major regional issues as well as on efforts to handle global financial woes and climate change.
Wen staged a preemptive defense of China's policies on Wednesday, flatly rejecting any link between the level of the Chinese yuan and a US trade deficit with China that annually exceeds US$200 billion.
"The main reason for the US trade deficit with China is not the yuan exchange rate, but the structure of trade and investment between the two countries," he said in a speech to US executives and China experts in New York.
Obama said on Monday that China had not done enough to raise the value of the yuan, keeping up Washington's tough rhetoric on Chinese policy six weeks before congressional elections that will focus on the US economy and jobs.
Pushing back against the US pressure, Wen said on Wednesday that China, too, had big job considerations and the 20 percent appreciation of the yuan demanded by US lawmakers would cause many bankruptcies in the Chinese export sector, where firms operate on thin margins.
"The conditions for a major appreciation of the renminbi do not exist," Wen said, adding the appreciation of China's currency demanded by US lawmakers would not bring jobs back to the US because American firms no longer make most of labor-intensive products China exports.
Wen also said China wanted a "strong and stable US, just as the US needs a strong, stable China."
Obama, standing by Wen on the sidelines of the United Nations General Assembly meeting in New York City, said that cooperation between the US and China "has been absolutely critical" to easing the financial crisis. He praised Chinese leaders for working with the US on economic, nuclear nonproliferation and Asian security issues.
But, Obama said, "obviously, we continue to have more work to do on the economic front."
"It is going to be very important for us to have frank discussions and continue to do more work cooperatively in order to achieve the kind of balance of sustained economic growth that is so important," he said.
Despite intertwined economies and a growing dependence on each other in global diplomatic, environmental and security matters, Washington and Beijing have deep differences, especially on economic and trade policies. Trade friction has become even more pronounced ahead of US congressional elections in November and at a time of high American unemployment.
In their public comments, Obama and Wen focused on the positive.
"Our common interests far outweigh our differences," Wen said.
Obama said US-China cooperation is "a critical ingredient in a whole range of security issues around the world."
He said the countries should work cooperatively toward balanced economic growth amid rising tensions over currency and trade.
Their talks came as US lawmakers appeared to move closer than ever to acting on long-standing threats to penalize China for keeping its currency "artificially low."
Wen told Obama he believed all differences between the US and China can be resolved through conversation and dialogue and that he has a constructive attitude.
Wen said the China-US relationship has advanced beyond the bilateral scope and has a major impact on the world.
He said the two countries can deepen their cooperation on significant international affairs and major regional issues as well as on efforts to handle global financial woes and climate change.
Wen staged a preemptive defense of China's policies on Wednesday, flatly rejecting any link between the level of the Chinese yuan and a US trade deficit with China that annually exceeds US$200 billion.
"The main reason for the US trade deficit with China is not the yuan exchange rate, but the structure of trade and investment between the two countries," he said in a speech to US executives and China experts in New York.
Obama said on Monday that China had not done enough to raise the value of the yuan, keeping up Washington's tough rhetoric on Chinese policy six weeks before congressional elections that will focus on the US economy and jobs.
Pushing back against the US pressure, Wen said on Wednesday that China, too, had big job considerations and the 20 percent appreciation of the yuan demanded by US lawmakers would cause many bankruptcies in the Chinese export sector, where firms operate on thin margins.
"The conditions for a major appreciation of the renminbi do not exist," Wen said, adding the appreciation of China's currency demanded by US lawmakers would not bring jobs back to the US because American firms no longer make most of labor-intensive products China exports.
Wen also said China wanted a "strong and stable US, just as the US needs a strong, stable China."
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